Financial Mirror (Cyprus)

Cyprus attracts 7,000 tech jobs


Cyprus’ policy to provide incentives and tax breaks to high-tech companies are gaining traction, as 7,000 work permits have been granted to those with highly specialise­d skills.

Evgenios Evgeniou, President of the Investment Promotion Agency (Invest Cyprus), said Cyprus had enacted a series of tax breaks to attract high-tech firms.

“The number of work permits issued in 2022 to highly

specialise­d staff for companies approved by the Deputy Ministry of Research and Digital Policy was processed through the Ministry of Commerce’s fast track service amounts to 7,000,” Evgeniou said.

He added: “These people live, work and get paid here, consume and send their children to schools, contributi­ng to the Cypriot economy.”

Evgeniou highlighte­d the importance of this ecosystem to grow further and acquire a critical mass linked with the local labour market.

The ecosystem “will begin transferri­ng knowledge through these people to Cypriots and connect with our schools and universiti­es.”

“This is something we are building gradually, it is growing, and if we stay focused, I believe we will yield greater results in the future”.

He also pointed out that efforts to attract technology companies are yielding particular­ly positive results, recalling data by the FDI Intelligen­ce, which show an impressive increase in software and informatio­n technology investment­s close to 600% in the first half of 2022, compared with the same period of 2019.

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